CNA Surety Corporation Merger Litigation (NYSE: SUR)
Law Office of Brodsky & Smith, LLC Announces Investigation of CNA Surety Corporation.
BALA CYNWYD – (BUSINESS WIRE) Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of CNA Surety Corporation (“CAN Surety” or the “Company”) (NYSE - SUR - News) relating to the proposed acquisition by CNA Financial Corporation. (“CNA Financial”).
Under the terms of the transaction, CNA Financial will commence a tender offer to acquire all the outstanding shares of CNA Surety common stock not currently owned by subsidiaries of CNA Financial for $26.55 per share in cash. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of CNA Surety by not acting in CNA Surety shareholders' best interests in connection with the sale process to CNA Financial. The transaction may undervalue CNA Surety as CNA Surety stock traded at $25.81 as recently as April 14, 2011 and an analyst placed a target price for CNA Surety stock at $29.00 per share.
If you own shares of CNA Surety stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at firstname.lastname@example.org, or by calling toll free 877-LEGAL-90.
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